Market expert Bobby A argues that the notice of appeal from the US Securities and Exchange Commission (SEC) does not indicate an extended decline in XRP prices, as the macro chart remains bullish.
XRP, the seventh largest cryptocurrency by market capitalization, saw a notable price correction following the SEC’s notice of appeal of the final ruling by Judge Annalisa Torres. Since the October 2 notification, XRP has fallen over 10%.
However, experienced market analyst Bobby A. hinted that the reason many investors miss out on good market opportunities is because of their tendency to sell the news. The analyst claimed in a tweet on Thursday that the XRP chart has not turned bearish as the indicator still points to an imminent market uptrend.
Analysts say XRP has surged 1,772% despite the SEC lawsuit.
Bobby A cited historical events to support his claim that XRP will skyrocket regardless of the SEC appeal. He pointed out that the XPRL native token rose 1,772% in value in 2020, when securities regulators sued Ripple and certified XRP as a security.
For context, XRP delivered a bullish rally of 1,772% from $0.11 to a cycle peak of $1.95 despite regulatory uncertainty surrounding the coin in the backdrop of SEC charges. Bobby A, in particular, claimed that the XRPETH and XRPBTC charts look decent and that “the worst news is at the bottom.”
Signs of a price spike based on technical analysis
Meanwhile, Bobby A cited bullish technical analysis that could push the price of XRP up 803% to $4.23 per coin. He shared a chart showing that since 2017, XRP has been consolidating laterally and building a macro foundation.
According to the monthly chart, XRP has historically swung upward during the momentum oscillator’s cyclic rotation following Bitcoin’s halving. Notably, analysts have hinted that price movements will begin soon.
Bobby A says this cycle closely mirrors the 2016-2017 bull cycle, as XRP price is “tightly wrapped” around all key indicators on the monthly chart, including moving averages and Bollinger Bands. he claimed.
Bullish fundamental analysis
Additionally, experts hinted that the fundamental analysis of XRP is bullish. According to Bobby A., XRP has legal clarity, real-world utility, stablecoins, and soon an exchange-traded fund (ETF).
For context, Ripple CEO Brad Garlinghouse said after the SEC filed a notice of appeal on Wednesday that XRP’s non-security status is not in dispute. Garlinghouse said Wall Street regulators agree.
Additionally, XRPL native tokens have been central to transaction settlements performed by Ripple. Garlinghouse also confirmed that the fintech giant plans to launch a stablecoin “in the coming weeks” to further enhance the utility of the XRP ledger.
Additionally, XRP could become the second crypto asset after Bitcoin and Ethereum to have an exchange-traded fund. On October 2nd, asset management company Bitwise filed for an XRP ETF with the SEC. Notably, Bobby A stated that these bullish events could push XRP price up by over 803%.
Parallel to the growing bullish sentiment surrounding XRP, Bobby A. also noted that Republican candidate Donald Trump’s victory in the November election ended a four-year legal battle between Ripple and the SEC. He pointed out that there is a possibility of being hit.
The analyst said SEC Chairman Gary Gensler would resign if Trump wins. He said his resignation would usher in a new wave of regulatory clarity in the U.S. and end the SEC’s suppression of XRP prices.
Meanwhile, XRP is trading at $0.5237 at the time of writing, down 1.72% in the past 24 hours.
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